Description
The site occupies a prominent high street corner position and currently comprises a lower ground floor providing self-contained storage areas, two commercial units on the ground floor and 4 residential units (2 x studio flats and 2 x 4-bed flats) on the upper floors. The rear of the site consists of an unutilised yard.
The site now benefits from planning permission for the construction of a new high-quality 3 to 5 storey building providing flexible commercial floor space measuring 214m2 (2,305ft2), 9 apartments and 3 townhouses of approximately 957m2 (10,301ftsq).
Location
The property is located within one of Newham’s most vibrant district centres of Forest Gate. It is centrally located near to many excellent amenities including Stratford International and the Westfield Shopping Centre, whilst being just 0.5 miles from the glorious green spaces of Wanstead. Most significantly, the site is a 5-minute walk to Forest Gate Station, which will open on the new Crossrail Line in early 2018, by which point significant regeneration is also expected surrounding the station (in conjunction with London Iron Works and Newham Council). Due to the Crossrail effect, Jones Lang LaSalle predicted property price growth from 2015 to 2020 of +41% in the area around Forest Gate Station.
The area is already beginning to see gentrification with the likes of the Corner Kitchen opposite the station and the Space East Yoga Studios on the ‘hip’ Cranmer Road. Local favourites include: Coffee7, Wanstead Tap, Pie Republic, Woodgrange Market.
Transport
The site is highly accessible to sustainable methods of travel, with Forest Gate Station only a 5-minute walk from the property (0.3 miles), providing fast links into London Liverpool Street station. The A12 is 2-miles away and leads out to Junction 28 of the M25 and the nearby A406 connects Forest Gate with North and West London. London City Airport is 4-miles away from the property.
This accessibility will only improve in the future with the introduction of Crossrail (Elizabeth Line) to Forest Gate Station, operational in 2018, bringing faster and more frequent services to central London and beyond. It will then take 4 minutes to Stratford, 12 minutes to Liverpool Street, 17 minutes to Tottenham Court Road, 12 minutes to Canary Warf and 19 minutes to Bond Street.
Planning Permission
The site benefits from a resolution to grant planning permission granted on the 7th November under the planning reference 17/02609/FUL for the demolition of the existing building and the erection of a new build development comprising a commercial unit (Use Class A1, A2, B1, D2) over basement and ground floor, 9 apartments on the upper floors and 3 townhouses to the rear (Use Class C3). The existing basement is retained in the proposal and no excavation is required.
The proposal will be car free and include 21 cycle parking spaces for the residential units.
For further information please contact Newham Council planning department on 0208 4302000
VAT
We understand that VAT is not applicable.
Viewings
Viewings can be adequately made from the public highway in the first instance.
Tenure
Freehold with vacant possession
Financial Contributions
The planning permission is subject to a Section 106 agreement with contributions and CIL, totalling approximately £59,406.
Additional Information
Planning and other related documents will be sent in the form of an information pack that can be requested from a member of the Highfield team.
Terms
Offers in excess of £2,500,000 are invited for the freehold interest.